Oscar Montez’s savings account has a principal of $7,201. It earns 6% interest compounded quarterly. What is the amount of interest he earned by the end of the second quarter?
compounded quarterly means that one quarter of the interest is added to the account each quarter
one quarter of 6% is 1.5%
x = 7201 (1 + .06/4)^2 ___ .06/4 is the interest per compounding , and 2 is the number of compoundings
